[miningmx.com] – LONDON Mining, the UK-listed iron ore producer, said it had other options should it terminate its sales agreement with Glencore, said Bloomberg News citing Graeme Hossie, CEO of London Mining.
“We are trying to resolve the dispute with Glencore. Should it result in a termination of the offtake agreement, there are other parties wanting to step in,’ Hossie told the newswire service. Glencore is contracted to buy 2mtpa of iron ore from Marampa to 2017.
Glencore declined to make a prepayment for iron ore from London Mining which operates the Marampa iron ore mine in Sierra Leone.
However, the missed payment knocked another 13% off London Mining’s share which is now down 78% this year, much of the decline owing to the Ebola virus outbreak in the west African country.
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